This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

OFS Capital Corporation Announces Third Quarter 2013 Financial Results

OFS Capital Corporation (NASDAQ:OFS) (“OFS Capital” or the “Company”) today announced its financial results for the fiscal quarter ended September 30, 2013, OFS Capital’s third full quarter of operations following its initial public offering (“IPO”) in November 2012.

 
HIGHLIGHTS
($ in millions, except for per share data)
 
Portfolio Results   September 30, 2013  
Investments, at fair value $ 219.3
Total assets $ 229.6
Net assets $ 139.2
Net asset value per share $ 14.46
Weighted average yield on debt investments 7.21%
 
Quarter Ended
Operating Results September 30, 2013 September 30, 2012
Total investment income $ 4.0 $ 4.0
Net investment income $ 1.4 $ 1.4
Net increase in net assets resulting from operations $ 0.4 $ 3.0
 
Portfolio Activity
Investments in new portfolio companies, at par $ 3.0 $ 23.1
Number of new portfolio companies 1 7
Number of portfolio companies at end of period 56 53
 

Other Key Data Points

  • On October 31, 2013, OFS Capital made a third quarter 2013 distribution of $0.34 per share to shareholders of record as of October 17, 2013. The Company estimates the tax characteristics of its distributions on a quarterly basis and will report the final tax characteristics of the distributions to shareholders on Form 1099 after the end of each fiscal year. However, if the characteristics of that distribution were determined for the quarter ended September 30, 2013, the Company estimates that $0.19 of the distribution would have been characterized as a return of capital to the shareholders.
  • The aggregate fair value of OFS Capital’s investment assets was 98.9% of cost at September 30, 2013.

“We have been successful to date in keeping our OFS Capital WM senior loan subsidiary substantially invested in senior secured floating rate assets, which have provided reliable interest income for OFS Capital,” said Glenn Pittson, Chairman and Chief Executive Officer of OFS Capital. “At the same time, we continue to make progress towards obtaining from the Small Business Administration the approvals necessary to convert our investment in Tamarix Capital Partners, L.P., which we refer to as the SBIC Fund, into a drop-down small business investment company within OFS Capital. Moreover, we are pleased by the SBIC Fund’s accelerating pace of capital deployment.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs